Government relations and public policy

This post highlights the significance of the UK's accession to the 2019 Hague Convention and considers the relevance to English legal opinions.

Key Takeaways:
• Clear Regulatory Guardrails: The GENIUS Act provides guardrails for payment stablecoins, including strict reserve, disclosure, and anti-money laundering standards.
• Federal and State Regimes: Both the federal government and states, with certain limitations, may regulate stablecoins.
• Securities Exemptions: Payment stablecoins issued by permitted issuers are explicitly excluded from being classified as securities or commodities under federal law.
• Consumer Protections: The Act provides strong consumer protections, including first-priority claims on reserves in insolvency and strict asset segregation requirements.

On July 14, 2020, US President Donald Trump issued Executive Order 13936 (the “Order”), which authorizes the imposition of sanctions on additional persons determined to be involved in China’s new national security law (the “National Security Law”) and revokes Hong Kong’s preferential trade treatment.